by Downey Insurance Group | Apr 12, 2012 | Blog
Are you looking to add life coverage to your personal Massachusetts insurance policies? Perhaps you have reached the age where you are responsible for your young family and have decided now is the time to plan for their future. Deciding on the type of life insurance you require for your dependents if you should pass away is the key to obtaining the right policy.
Even if you already have life insurance, updating it regularly according to changed circumstances should be a priority. This is something many people may not think of doing when there is a change, such as new addition to the family. Jobs, time schedules, driving kids to school, paying bills – all of these things may mean that life insurance sits on the back burner. However, once each year it is a good time to review all insurance policies to ensure they are still appropriate for your needs.
For younger people in great health, taking out a life insurance policy can be very affordable. You’ll need to decide whether a term life policy or a whole life policy would suit you better, and there are certainly advantages and disadvantages of each to consider.
It can pay to understand the significant differences before making a decision. Would you like more details? Talk to one of our agents for more information on life insurance or Massachusetts insurance in general.
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by Downey Insurance Group | Apr 5, 2012 | Blog
Starting a small business involves understanding risk in a number of areas. These include evaluating market risk and ensuring that property, liability, and business interruption are covered in your Massachusetts insurance package. However, as a small business owner, have you considered key employee insurance in addition to these?
As a general rule, small companies tend to have fewer employees doing a wider variety of work tasks compared to their larger competitors. A situation may develop where one or two people end up with a number of key tasks. This may mean the financial well-being of the firm may be put at risk should the key employee or employees become permanently disabled and unable to continue with his or her duties. A key employee insurance policy works in a similar way to a life insurance policy, except that the benefit is paid to the company.
Taking out key employee insurance in addition to your other Massachusetts insurance for your business may help by covering costs incurred in the replacement of the key person. It can also provide compensation for lost earnings. Training a new worker, or workers, to take over the duties of the key employee may take some time and the company may need to adjust to the new situation. The financial compensation paid may help give some coverage for these costs. Talk to us for further information on this type of insurance.
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by Downey Insurance Group | Mar 30, 2012 | Blog
Are you the owner of a small business in the Bay State? One of the key factors you will need to decide on is the sort of Massachusetts insurance you will need. Standard coverage such as property, liability, and workers compensation may be necessary, but have you thought outside the box? What if your company was forced to close for a temporary period of time, perhaps as a result of a fire or natural disaster?
This is where business interruption insurance can be vital. The coverage is designed to help maintain the temporarily-closed down business in a viable financial position. This type of coverage may typically offer compensation for loss of profits during the closure. Also, it can reimburse you for relocation expenses and ongoing costs, such as wages, rent, and advertising. It is generally confined to the interruptions caused by the type of events that are included in your business policy.
The cost of premiums for this type of Massachusetts insurance for business may depend on the risk involved. For example, a restaurant may incur higher costs than an office because of the perceived higher risk of fire. However, business interruption insurance may turn out to be the difference between business recovery and a business being forced to close its doors permanently. Interested in more information? Talk to one of our agents!
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by Downey Insurance Group | Mar 23, 2012 | Blog
Have you recently purchased new appliances for your home? It could pay to check to see if your existing New Hampshire home insurance is still adequate. It may be some time since you purchased major appliances, and there’s no doubt that in many cases, they’ll be worth much more than the original appliances were. Here are some things to consider when reviewing your coverage:
1. Do you have a lot of high ticket electronic items? It’s not uncommon for families to have more than one TV, iPad, computers, laptops, and a range of other gadgets. The question is, have you ever updated your insurance to factor in the value of all of these items you have accumulated? Many people set and forget their level of cover.
Image Courtesy of: http://www.homeinteriorszone.com/home-appliances/tips-for-buying-major-home-appliances/
2. In the event that you’ve purchased major new appliances for your kitchen, the chances are that it was part of a renovation or kitchen upgrade. Such a renovation may have increased the amount it would cost you to re-construct your home if it was totally destroyed. Failing to review your level of coverage could cost you thousand dollars in the event that you need to make a major claim.
Don’t delay in reviewing your New Hampshire home insurance. Things happen when you least expect them! Speak to your insurance agent today about making the necessary changes.
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by Downey Insurance Group | Mar 16, 2012 | Blog
Taking out New Hampshire home insurance is highly recommended to help give you coverage for loss or damage. This may be as the result of a break in, fire, or a natural disaster. However, in assessing your options, you may have come across the terms “actual cash value” and “replacement cost”, and may be wondering what the terms mean and if there are any price differences:
Actual Cash Value (ACV)
An actual cash value policy will replace the value of the possessions lost or damaged. However, it will take into account depreciation of the property and other wear and tear. For example, a payout for a 3-year-old flat screen TV worth $1,000, which was stolen in a burglary of your house, may have lost some value over the time of use. Even though actual cash value policies usually pay less than replacement cost, the level of premium you need to pay is usually lower.
Replacement Cost (RC)
A replacement cost policy pays the full cost of the item’s replacement, unless there are any arrangements such as deductibles. It is also usually more expensive to buy than an ACV policy.
Obtaining the right type of
New Hampshire home insurance to suit your coverage requirements is crucial. The option you choose will reflect your goals and the value you afford to your property. Talk to us for more information on this subject!
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by Downey Insurance Group | Mar 9, 2012 | Blog
Managing your risk is a key component of effective management. Every company is different, depending on the type of business activities in which they are engaged, and therefore, the risks to which they are exposed can vary. Financially managing this risk through Massachusetts insurance is highly recommended.
However, there are a number of ways to reduce the chance of accidents happening in the workplace. Effective implementation of these steps may reduce the need to claim against your business insurance policy:
Set up a safety committee
Usually, a liaison between staff and management, the safety committee should monitor areas where safety is an issue and suggest methods to prevent accidents occurring and improve overall health and safety.
Update your risk assessment regularly
Your risk assessment survey, which would have identified the key risk areas of your company, should be regularly updated and monitored to take into account changing circumstances.
Consider a further training program for your staff
By including safety rules, regulations, and procedures as part of a widened training program for staff in high risk areas, you may help reduce the chances of an accident occurring.
Most importantly, make sure that your Massachusetts insurance is adequate to cover your risk level. For more details on this, contact one of our agents!
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